Bayer drug hits a speed bump in the UK

Britain's National Institute for Health and Care Excellence gives a thumbs down to Bayer's (BAYRY) Xofigo citing a lack of evidence of effectiveness versus other therapies.

The drug is a radioactive agent that migrates to parts of the body exhibiting abnormal bone growth.

The company acquired the Norwegian firm Algeta last month for $2.9B in order to obtain the rights to the drug.

The ruling by NICE is draft guidance now subject to consultation.

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